PRICE ACTION Starting with the 5m chart; we can see that price is slightly overbought. Add to this that price is forming a lower high at present – and bulls really need to find some fresh capital to keep any chances of recovery alive.
On the 4H chart, price is still being supported just above the $160 zone, where a likely rising trend line will be. This also ties in with the 1D chart where the 28D MA is currently $165. The more time that price spends in this area; the move likely that a volatile movement will occur – and without fresh capital it is probably going to be a bearish movement.
OPEN INTERESTS (BITFINEX) Long: 2.00 Days Short: 0.34 Days